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-public information with his boss, the billionaire hedge fund manager steve cohen of sac capital. martoma's big tip allegedly taking place during a 20-minute phone call to cohen the day before the news of the drug failing a key trial became public. sac sold its position before that public announcement netting the firm a profit and avoiding losses totaling $276 million. sac declined comment on today's arraignment and they claim they acted appropriately and are cooperating with the government. martoma is the fifth sac employee to be charged with securities fraud while working at the hedge fund. one other has been named as a co-conspirator. martoma also seemed critical to securing what many believe is the government's ultimate catch, mr. cohen. because of the phone call that he made to mr. cohen in july of 2008. unlike three other former sac employees though, he has refused to cooperate or strike a deal maintaining all the while that he is innocent. now today's arraignment should be quick. basically mr. martoma will enter his plea and then possibly the judge will likely set a schedule for discovery or
kuzami who will step down next month after four years. scott cohen sat down for an amazing interesting interview. >> amazing how the s.e.c. has opened up. they are more confident. robert khuzami worked for mary jo white at one time and like her she he's seen wall street from all sides. he was a federal prosecutor and just before heading to the s.e.c. he was a general counsel on wall street at deutsch bank. has he been tough enough on his former colleagues? khuzami says yes. >> there was misconduct. we're going after it. but there are pages of risk disclosure. lawyers reviewed this material. in many case it is risks that later came to pass were disclosed. >> you used to be a wall street lawyer. are they that smart, that good? >> if you buy an investment product and you're warned of a risk that something may happen and that comes to pass, the law says the person who sold it to you hasn't violated the law. >> that's not to say khuzami and company haven't been tough on wall street. the s.e.c. said since he took the job in 2009 more than 150 people have been charged and 2.6 billion dollars
the sasha baron cohen thing going. we'd love to hear from you. >>> mary thompson has more for us. >> shares of western digital, top performer in the s&p 500 right now. just up over 4%. it reports earnings tomorrow. today getting a bit of a lift from an addition to the portfolio of storage products for small and medium size businesses. again, this is coming off a nice run for a lot of these storage companies, since november. some optimism on earnings as well. the rival sea gate technology reporting strong sales. a positive forecast when it reported earlier this month. back to you guys. >> thanks a lot, mary. the when we come back, the coo of las vegas sands on the state of gaming and the bets his company is making overseas. we're back in a minute. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> good morning. welcome back to los angeles to the wor
payout is going to be lower. look at this year over year. gary cohen, blankfein. they invite people to stay and blow them up if they -- you know, if you do a piece of business and it backfired a quarter later, huh-uh, call it back. everything gorman is doing is, i think, back to earth. >> it is a different firm than goldman. in the old days, if goldman put up a quarter like this -- >> morgan is up this morning. >> i don't know if there's a lot in the conversation there. they don't expect there to be a -- >> morgan stanley went to the ubs model. >> interesting story here. i don't think they're ready to do it. we brought up day one when we saw the ubs shares climb so high, when they pushed out the investment banking. certainly not fixed income. what does morgan stanley do? would they conceivably consider going that route? i don't know they're ready to yet. but this comp plan in some ways -- >> there's a stream going through all these that people shouldn't be fooled at home about. maybe they're not miking as much as they used to. there's still a tale of two cities in this country. i re
, they need amazon. i still -- listen, kim cohen on last week, still a good story. the real estate investment companies have not been amazon, so to speak, because there are still a lot of new players that want to come in. amazon is just a phenomena. and so many people bet against it. and it has been a terrible bet. >> even with sales tax being paid in many jurisdictions. it was a concern for so long, but it doesn't seem to -- >> it was a bear. >> we should point out before we get to bob pisani, lumina shares down about 9% this morning. the chairman saying at -- roach, excuse me, which we knew had made a hostile bid afforded by lumina last year. that laroche saying they had no interest at this point in pursuing that acquisition. you may recall, those shares rallied sharply towards the end of the year on a french newspaper report that at the time i said i was completely unfamiliar with anything going on there -- >> you said, don't trust it. which was a great call. >> thanks. >> do not trust it. >> it did move the stock up a lot. a lot of that and more being taken out today on that news on i ill
Search Results 0 to 4 of about 5